PennyMac Financial Services (NYSE:PFSI) Reaches New 52-Week Low – Here’s What Happened

Shares of PennyMac Financial Services, Inc. (NYSE:PFSI) hit a new 52-week low on Thursday . The company traded as low as $65.00 and last traded at $65.3740, with a volume of 130324 shares trading hands. The stock had previously closed at $65.61.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PFSI. Wall Street Zen lowered PennyMac Financial Services from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Stephens decreased their price objective on shares of PennyMac Financial Services from $91.00 to $78.00 and set an “equal weight” rating for the company in a research note on Thursday, July 30th. Piper Sandler downgraded shares of PennyMac Financial Services from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $106.00 to $86.00 in a report on Thursday, July 30th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of PennyMac Financial Services in a research report on Monday, August 3rd. Finally, BTIG Research cut their target price on shares of PennyMac Financial Services from $105.00 to $90.00 and set a “buy” rating for the company in a report on Thursday, July 30th. Four equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, PennyMac Financial Services currently has an average rating of “Hold” and a consensus target price of $104.88.

PennyMac Financial Services Trading Down 1.0%

The company’s 50-day moving average price is $75.45 and its 200-day moving average price is $82.44. The firm has a market cap of $3.37 billion, a price-to-earnings ratio of 8.93, a price-to-earnings-growth ratio of 0.63 and a beta of 1.44. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 3.22.

PennyMac Financial Services (NYSE:PFSI) last released its quarterly earnings results on Wednesday, July 29th. The real estate investment trust reported $1.39 earnings per share for the quarter, missing the consensus estimate of $2.11 by ($0.72). The company had revenue of $496.96 million for the quarter, compared to analyst estimates of $571.60 million. PennyMac Financial Services had a return on equity of 11.18% and a net margin of 17.74%.The firm’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same quarter last year, the company earned $2.54 EPS. Equities analysts expect that PennyMac Financial Services, Inc. will post 7.36 EPS for the current fiscal year.

PennyMac Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Monday, August 17th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.8%. The ex-dividend date was Monday, August 17th. PennyMac Financial Services’s payout ratio is 16.48%.

Insider Activity at PennyMac Financial Services

In other news, CAO Gregory Hendry sold 2,177 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $86.89, for a total value of $189,159.53. Following the transaction, the chief accounting officer owned 48,968 shares in the company, valued at $4,254,829.52. This trade represents a 4.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 15.20% of the stock is owned by insiders.

Institutional Trading of PennyMac Financial Services

Several large investors have recently made changes to their positions in PFSI. Caitong International Asset Management Co. Ltd boosted its stake in PennyMac Financial Services by 7,600.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 231 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 228 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of PennyMac Financial Services in the second quarter valued at about $25,000. Silvant Capital Management LLC purchased a new position in shares of PennyMac Financial Services in the second quarter worth about $34,000. Freestone Grove Partners LP purchased a new position in shares of PennyMac Financial Services in the second quarter worth about $41,000. Finally, Clearstead Advisors LLC boosted its position in PennyMac Financial Services by 131.8% during the fourth quarter. Clearstead Advisors LLC now owns 503 shares of the real estate investment trust’s stock worth $66,000 after acquiring an additional 286 shares during the last quarter. 57.87% of the stock is currently owned by hedge funds and other institutional investors.

About PennyMac Financial Services

PennyMac Financial Services, Inc (NYSE:PFSI) is a mortgage banking company that provides a range of residential lending and loan servicing services in the United States. The company operates through its subsidiaries and focuses primarily on the production and servicing of conventional and government-insured residential mortgage loans.

PennyMac’s loan production business acquires, originates and refinances mortgage loans through correspondent, broker-direct and consumer-direct channels.